Actualidad Colombia

Microcredit acces

Bill 070/2014 – Senate

Through this Bill, the Colombian Congress seeks to oblige banking institutions to offer preferential microcredits for setting up small businesses. This Bill sets minimum percentages for how much microlending must be provided by all institutions in the Colombian financial system.

Its provisions include, (i) cost-free processing of credit applications; (ii) assessment and granting of microcredit subject to the applicant's business plan, and not to the provision of collateral; (iii) monitoring by the Colombian government of the growth of the microcredit loanbook; and (iv) implementation of programs to promote access to microcredits in the rural sector.

The text of this Bill is identical to that of two previous Bills (Bill 43 of 2013, Chamber, and Bill 218 of 2013 on Microcredits), which were rejected during the corresponding legislative debate and subsequently shelved.